Iverson, 35, who purchased the property in 2008 for $3.88
million, let the six-bedroom, nine-bathroom home slip into
foreclosure and owes more than $2.5 million to Wells Fargo Bank,
the Post reported, citing a Notice of Election and Demand for
Sale filed in Colorado’s Arapahoe County on Feb. 28.

The house was for sale and scheduled to close for about the
asking price of $2.85 million, according to the newspaper.
Though the sale is allowed to continue, Iverson may be forced to
pay attorney fees, foreclosure costs and default interest, real
estate attorney Alan D. Sweetbaum told the Post.

Iverson, who won the 2000-01 NBA MVP award, played for four
NBA teams in his 14-year career. He played for the Denver
Nuggets in 2006 to 2008. In October, he agreed to a two-year, $4
million contract with the Turkish basketball club Besiktas.